I saw an article on MSN this week end and it was an arcticle about Generation Y and how they are the most educated generation and yet they are also the generation that is broke. The arcticle stated that 85% of Gen Y has a high school education and 27% has a college degree, yet they are also called the boomerang generation because alot of them are having to move back home with mom and dad.
This generation relies on technology and plastic. They think they can just swipe a card and they are done. They can not connect that you swipe the card and the checking account will be debited. They think "The next big technology is around the corner that will save them." Alot of them have no economic education.
As realtors do we need to help educate this generation on finances? Is this our responsibility? Maybe it should be to help this generation to become the financial stability in our housing market.